Continued from your e-newsletter - View Original
Industry Speak…
AIG announces a 3Q 2009 net income of $455 million compared with a net loss of $24.5 billion in 3Q 2008.
Article Continued: On November 6, 2009 American International Group, Inc. (AIG) reported a stabilization of the companies operations as reflected through net income this year over last. President and CEO Robert Benmosche stated “Our results reflect continued stabilization in performance and market trends.” He goes on to add “Pricing in our property and casualty business has been stable.”
For an insurance company that headlined the news a number of times and has had their share of change occur in the past two years, this financial report is a solid and positive sign. We will be watching closely, but will confidence that more news will follow.
One AIG group that focuses in the workers’ comp arena of coverage is branded as Chartis. In July 2009, Chartis reported operating income of $722 million in 3Q 2009 versus $105 million in 3Q 2008. This is further good news as they launch their pay-as-you-go workers’ compensation beta with Intego.